UPMSP Vocational Insurance Practice Questions - Uttar Pradesh UPMSP Intermediate (Class 12) Vocational Insurance - Code 228 Exam

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Why are Life Insurance policies and Personal Accident policies considered contracts of 'assurance' rather than strict contracts of 'indemnity'?

Human life and physical limbs cannot be evaluated in exact monetary terms Life insurance premiums are exempt from all forms of government taxation Life insurance policies are issued exclusively by government institutions Claims under life insurance can only be settled in physical gold bullion

Correct Answer:

Human life and physical limbs cannot be evaluated in exact monetary terms

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